Jerome Laxale (Bennelong, Australian Labor Party) Share this | Hansard source

It gives me pleasure to speak on this budget that was handed down by Treasurer Chalmers and, of course, the Labor government. When you read this motion, you see that they almost got it right. One of the parts says, 'We note that the government's second budget is an opportunity to correct the mistakes of its first.' They're so close to getting it right. This budget wasn't an opportunity to correct the mistakes of the last budget; it was an opportunity to correct the mistakes of the last government's budget—the last nine years of financial recklessness. This year's budget was an opportunity to correct the mistakes of the Abbott, Turnbull and Morrison governments and an opportunity to correct the trillion dollars worth of Liberal debt that was left behind. It was an opportunity to correct the unfunded government programs like myGov, e-health records and countless others, and it was an opportunity to correct increases in the cost of seeing a doctor, which we all know shot up under the previous government's watch. It was an opportunity to restore sensible budget practices once again, instead of the economic management bin fire we had under the former government.

On 9 May, this government presented a budget that was responsible and that had a heart. We turned around the largest budget deficit in history—a whopping $78 billion left by the previous government. This financial year we know we are on track to deliver a slim budget surplus. What a turnaround! That feat alone sets this budget apart, demonstrating our commitment to fiscal responsibility and to the welfare of our nation. Our budgetary approach is grounded in sound economic principles, with 87 per cent of revenue upgrades being reinvested back into the budget. Compare that to the previous budgets of the Morrison government, which returned only 40 per cent of budget upgrades to the bottom line, and the Howard government, which returned even less—30 per cent—to the bottom line. This decision now over two budgets returns order to our nation's finances. Instead of the bin fire of economic responsibility by the Liberals, we now have responsible management of our money, which will significantly reduce national debt over the coming years, saving us all hundreds of billions of dollars of interest rate payments over the medium and long term.

But it's also a budget with a heart. It's a budget that delivers genuine cost-of-living relief to Australian families. To alleviate the financial pressures faced by households, there is energy bill relief for five million households across the country. In my home state of New South Wales alone, 1.6 million households will enjoy savings of $500 on their energy bills. This is real relief that will impact those who need it. We're also investing an unprecedented $5.7 billion in health care to strengthen Medicare services. We will triple the bulk-billing incentives for common consultations involving children under 16 and Commonwealth concession cardholders. That means 60 per cent of presentations will be covered by this bulk-billing incentive, and that means around 66,000 eligible Australians in my electorate of Bennelong will get access to cheaper visits to the doctor, ensuring that quality health care remains within reach. Our commitment to a more robust and secure emissions reduction economy remains unwavering. There is $4 billion to create our Renewable Energy Superpower plan, bolstering our dedication to clean energy and sustainable practices. We will invest $2 billion to make green hydrogen for our regions. Skills development is also being invested in, with 180,000 fee-free TAFE places in the last budget and an additional $400 million allocated to deliver 300,000 fee-free TAFE and VET places. We know that we're in a skills crisis, and we are a government that will invest in skilling up Australians through apprenticeship programs and through TAFE.

Small businesses—the lifeblood of our economy—will receive much-needed support through this budget. The instant asset write-off threshold is up to $20,000, benefiting up to 1.2 million small businesses, and $650 off their bill automatically for 332,000 small businesses in New South Wales.

This budget reinforces our commitment to fix the mess of the former government that was left to us and to pave the way for a brighter and better future for Australia. We are committed to fixing the mess and to also providing support to those who need it most.

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